Selfridges’ new owner reveals plans to develop and expand luxury store portfolio

Central Group, the new owners of department store Selfridges, has revealed plans to develop and expand on its luxury strategy over the coming years.

The group oversees an international department store portfolio spanning 11 countries and 16 luxury flagships, including Germany’s KaDeWe, the Netherlands-based De Bijenkorf and Rinascente Rome Tritone, in Italy.

According to the firm, its total department store sales will reach 6.7 billion euros this year after it acquired Selfridges in a four billion pound deal in December 2021.

The first step in its strategy will be to develop and expand its collection of stores in tourist cities through partnerships with luxury groups LVMH, Kering and Richemont.

Several store transformation programmes and new developments are currently underway in a number of countries, including Selfridges which is seeing a major redevelopment of its hotel and car park.

Additionally, Central said it is aiming to become a leading e-commerce platform and the partner of choice for luxury and fashion brands with global reach.

For the London retailer, the group is hoping to establish an online website at the forefront of the industry by building on its brand recognition, brand curation, technology and global presence.